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FCC: Net profit increased by 90%

30/07/2007

FCC: Net profit increased by 90%

  • Over 50% growth in all operating figures
  • One-third of revenues came from outside Spain  

FCC obtained 6,612.5 million euro in revenues in the first half of 2007, an increase of 66.8% on the same period of 2006.  

Excluding the contribution from companies acquired under the Strategic Plan, organic revenue growth was an excellent 16.3%, driven mainly by construction (+23.7%) and services (+16.2%).

FCC's international activities have increased four-fold and now represent 33.5% of total revenues, contrasting with 12% in the first half of 2006. This fulfils one of the goals of the Strategic Plan.

Of the total international revenues (2,218 million euro), 82% were obtained in Europe and 6% in the USA.

All operating line items in the income statement increased by more than 50%; accordingly, 2007 will be a landmark year in FCC's over 100-year history, as it will amply exceed the targets that had been set for 2008 under the Strategic Plan.

Breakdown of revenues by business (million euro)
30/06/0730/06/06% Change
Construction3,241.21,781.2+82.0
Services2,323.41,601.7+45.0
Cement978.1614.4+69.2
Realia132.4N/AN/A
Torre Picasso10.09.3+7.2
Intragroup eliminations(72.5)(42.9)
Total6,612.53,963.7+66.8
Only Realia's revenues and EBITDA for June are included, as it has been fully consolidated by FCC since 1 June.

EBITDA amounted to 940 million euro, a 61.2% increase on 1H06.

Breakdown of EBITDA by business (million euro)
30/06/0730/06/06% Change
Construction163.7109.5+23.5
Services391.2248.0+57.7
Cement321.2213.7+50.3
Realia52.10.0N/A
Torre Picasso7.78.1-5.0
Other4.13.717.4
Total940.0583.0+61.2

Earnings before taxes (EBT) increased by 80.5% to 761.9 million euro.

The sale of a 21.51% stake in Realia through an initial public offering provided FCC with a capital gain of 256.9 million euro.

After deducting taxes and minority interests, net profit amounted to 491.7 million euro, 90.2% more than in the same period of 2006.

Excluding the capital gains, net of taxes, on the sale of the stake in Realia (210.1 million euro), net profit increased by 8.9%.

Net financial debt amounted to 7,464.5 million euro, including Realia's 1.795 billion euro in net debt for the first time. Of that amount 44% (3.313 billion euro) is without recourse to the parent company.

The works and services backlog at 30 June 2007 amounted to 33.508 billion euro, a 44.5% increase on the same date in 2006.

In the first six months of 2007, FCC obtained 6.991 billion euro in new works and services contracts, 51.2% more than in the same period of 2006.

The total number of employees at 30 June was 96,468, compared with 75,133 last year.